The following information is available about an investment opportunity:

Initial Capital Expenditure	$3 Million
Annual Sales (in units)	100,000
Selling price per unit	$50
Variable cost per unit	$20
Project life	3 years
Salvage value	$0
Depreciation	Straight line, over life of the project
Tax rate	35%
WACC	20%
Working Capital	Initially the project requires an increase in net working capital of $600,000, but it will be recovered after the projects life.

Answer the following questions (need to show the steps or calculator inputs):

Calculate the projects depreciation expense each year.

Calculate the projects the projects cash flows in years 0, 1, 2, and 3.

Calculate the projects payback period.

Calculate the projects NPV. Should the project be implemented?

Calculate the projects PI. Should the project be implemented?

Calculate the projects IRR. Should the project be implemented?

Calculate the projects MIRR. Should the project be implemented?